Segun Atanda/
After failing to meet new capital levels in Ghana, Energy Commercial Bank owned by Nigerian businessman, Jimoh Ibrahim, is planning a merger to keep its head above water.
Energy Commercial Bank reportedly failed in its bid to raise ¢340 million and meet the new minimum capital requirement of ¢400 million set by the Bank of Ghana with a December 31, 2018 deadline.
NewsmakersNG learnt that the bank is planning a ‘marriage’ with First Atlantic Bank and the Bank of Ghana (BoG) has given a “no objection” to the planned merger talks.
Sources close to the deal told GhanaWeb that the Central Bank’s green light was communicated on Friday, December 14, 2018.
“This means the discussions can begin having secured all the documents that give more information about the merger between the two banks,” says the report.
According to BoG, its own regulations direct that it is expected to review the documents that two parties have submitted.
The “no objection” communication would help the two banks to fast-track the process in meeting the new minimum capital requirement of ¢400 million by December 31 as set by BoG.
Already, the two banks have signed a Memorandum of Understanding (MoU) to merge their business to help them meet the new capital levels set by the BoG.
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